Insurable earnings for executive officers in a corporation with workers, or multiple executive officers in construction
For executive officers in a corporation, calculating insurable earnings depends on how they are paid by the corporation:
- If they are paid a regular employment income throughout the year, the corporation must report the actual earnings of those executive officers for each reporting period (if reporting annually, an estimate will be accepted) up to the annual maximum amount. If the corporation has workers it must also report the workers’ earnings.
- If executive officers do not get regular employment income throughout the year, the corporation must estimate and report the annual insurable earnings it will pay to executive officers.
Please note: dividends paid by the corporation to an executive officer are considered insurable earnings.
Corporations with executive officers that employ workers are responsible for reporting on and paying premiums for workers they employ as well as any executive officers who are not exempt from coverage. If actual earnings turn out to be different than the amount reported, please let the WSIB know. Changes can be made as many times as necessary throughout the year.
Please note: When the time comes for you to report and submit your premiums, you will receive a form regarding your premiums.
If you already know what rate group you’re in, try the insurable earnings and premium estimator for the construction industry. It will help you estimate your insurable earnings and premium amounts for your construction business.
If you don’t know which rate group you are in, you can use the WSIB’s Employer Classification Manual to find out.
How Often do You Need to Report on your Insurable Earnings and Pay your Premiums?
Annual Insurable Earnings
Report and Pay
WSIB Mailing Date to Employer
Employer Due Date
|$300,000+||Monthly||Middle of each month||End of following month|
|$20,000 to $299,999||Quarterly||Middle of March, June, September and December||End of following month|
|Less than $20,000||Yearly||Middle of March||April 30|
What do You Need to do to Report your Insurable Earnings and Pay your Premiums?
You need to:
- Have your earnings records available (T4s and other earnings for all executive officers and earnings records for your workers, including contractors you are covering).
- Calculate insurable earnings (the sum of your earnings plus your workers’ earnings and including the labour portion of the contract for contractors that you and the WSIB consider to be your workers), minus any deductions such as an exempt executive officer and multiply by your premium rate.
- Have your premium remittance form completed and send the bottom portion of the form along with payment, to the WSIB by the due date.
Please note: Forms and payments not received by the due date are considered late and are subject to non-compliance charges
How do You Send in your Remittance Form?
You have a few options for submitting your remittance form; you can:
What Payment Methods can you Use?
You can pay your premium in several different ways:
- Use our ePayment option to pay by MasterCard or Interac Online.
- Pay through your bank or financial institution.
- Visit your local WSIB office to pay by debit card or drop off a cheque (please note that the WSIB does not accept cash payments).
- Mail the bottom part of your Premium Remittance Form with your cheque to the address on the remittance form stub. You can use the pre-addressed envelope that comes with your form.